The number of mortgage approvals made in April 07 rose by 1% above the figure for the previous year, ending a four month run of decline, a new survey showed.
The British Bankers Association released figures of 64,815 approvals for April over 64,183 in the same month last year. These figure go against the tide of analysts predicting a downturn although the market is still pesimistic. With interest rates rising and affordability under a greater level of strain than for some time, it would be very surprising if they were not soon proved to be right. The new mortgage approvals may not however, be linked with house purchases. They may be a response to the forthcoming interest rate hikes with more people switching to fixed rate deals.
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